The following table contains summary information concerning the mortgage debt of the Company as of March 31, 2019 (dollars in thousands):

Operating Properties		Type	Term (months)		Outstanding Principal (1)				Interest Rate (2)	Maturity Date
Arbors on Forest Ridge	(3)	Floating		84	$	13,130			4.17%	7/1/2024
Cutter's Point	(3)	Floating		84		16,640			4.17%	7/1/2024
Eagle Crest	(3)	Floating		84		29,510			4.17%	7/1/2024
Silverbrook	(3)	Floating		84		30,590			4.17%	7/1/2024
Edgewater at Sandy Springs	(3)	Floating		84		52,000			4.17%	7/1/2024
Beechwood Terrace	(3)	Floating		84		23,365			3.93%	9/1/2025
Willow Grove	(3)	Floating		84		14,818			4.27%	7/1/2024
Woodbridge	(3)	Floating		84		13,677			4.27%	7/1/2024
The Summit at Sabal Park	(3)	Floating		84		13,560			4.11%	7/1/2024
Courtney Cove	(3)	Floating		84		13,680			4.11%	7/1/2024
The Preserve at Terrell Mill	(3)	Floating		84		42,480			4.11%	7/1/2024
The Ashlar	(3)	Floating		84		14,520			4.11%	7/1/2024
Heatherstone	(3)	Floating		84		8,880			4.11%	7/1/2024
Versailles	(3)	Floating		84		23,880			4.11%	7/1/2024
Seasons 704 Apartments	(3)	Floating		84		17,460			4.11%	7/1/2024
Madera Point	(3)	Floating		84		15,150			4.11%	7/1/2024
The Pointe at the Foothills	(3)	Floating		84		34,800			4.11%	7/1/2024
Venue at 8651	(3)	Floating		84		13,734			4.27%	7/1/2024
The Colonnade	(3)	Floating		84		28,093			4.17%	7/1/2024
Old Farm	(3)	Floating		84		52,886			4.17%	7/1/2024
Stone Creek at Old Farm	(3)	Floating		84		15,274			4.17%	7/1/2024
Timber Creek	(3)	Floating		84		24,100			3.75%	10/1/2025
Radbourne Lake	(3)	Floating		84		20,000			3.78%	10/1/2025
Sabal Palm at Lake Buena Vista	(3)	Floating		84		42,100			3.79%	9/1/2025
Abbington Heights	(3)	Floating		84		16,920			3.74%	9/1/2025
Belmont at Duck Creek	(3)	Floating		84		17,760			3.88%	6/1/2025
Cornerstone	(4)	Fixed		120		22,112			4.24%	3/1/2023
Parc500	(5)	Fixed		120		15,416			4.49%	8/1/2025
Hollister Place	(3)	Floating		84		14,811			3.83%	10/1/2025
Rockledge Apartments	(3)	Floating		84		68,100			4.06%	7/1/2024
Atera Apartments	(3)	Floating		84		29,500			3.97%	11/1/2024
Cedar Pointe	(6)	Floating		84		17,300			3.84%	9/1/2025
Crestmont Reserve	(3)	Floating		84		12,061			3.67%	10/1/2025
Brandywine I & II	(3)	Floating		84		43,835			3.67%	10/1/2025
Bella Vista	(7)	Floating		84		29,040			3.81%	2/1/2026
The Enclave	(7)	Floating		84		25,322			3.81%	2/1/2026
The Heritage	(7)	Floating		84		24,625			3.81%	2/1/2026
					$	911,129
Fair market value adjustment						608		(8)
Deferred financing costs, net of accumulated amortization of $2,154						(8,594	)
					$	903,143

Held For Sale Property
Southpoint Reserve at Stoney Creek	(3)	Floating		84		13,334			4.60%	1/1/2022
Deferred financing costs, net of accumulated amortization of $100						(65	)
					$	13,269

(1)	Mortgage debt that is non-recourse to the Company and encumbers the multifamily properties.

(2)	Interest rate is based on one-month LIBOR plus an applicable margin, except for fixed rate mortgage debt. One-month LIBOR as of March 31, 2019 was 2.4945%.

(3)

(4)

Debt in the amount of $18.0 million was assumed upon acquisition of this property and recorded at approximated fair value. The assumed debt carries a 4.09% fixed rate, was originally issued in March 2013, and had a term of 120 months with an initial 24 months of interest only. At the time of acquisition, the principal balance of the first mortgage remained unchanged and had a remaining term of 98 months with 2 months of interest only. The first mortgage is pre-payable and subject to yield maintenance from the 13^th month through August 31, 2022 and is pre-payable at par September 1, 2022 until maturity. Concurrently with the acquisition of the property, the Company placed a supplemental second mortgage on the property with a principal amount of approximately $5.8 million, a fixed rate of 4.70%, and with a maturity date that is the same time as the first mortgage. The supplemental second mortgage is pre-payable and subject to yield maintenance from the date of issuance through August 31, 2022 and is pre-payable at par September 1, 2022 until maturity. As of March 31, 2019, the total indebtedness secured by the property had a blended interest rate of 4.24%.

(5)	Debt was assumed upon acquisition of this property and recorded at approximated fair value. The loan is open to pre-payment in the last four months of the term.

(6)

Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13^th month of the term through the 81^st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term. The EAT that directly owned Cedar Pointe was consolidated as a VIE at December 31, 2018. The master lease agreement with the EAT that directly owned Cedar Pointe terminated on February 20, 2019, at which time legal title to Cedar Pointe transferred to the Company. Upon the transfer of title, the entity that directly owns Cedar Pointe was no longer considered a VIE.

(7)

Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13^th month of the term through the 81^st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term. The EAT that directly owned Bella Vista, The Enclave and The Heritage was consolidated as a VIE at March 31, 2019. Legal title will transfer to the Company upon completion of the reverse 1031 Exchange or July 27, 2019, whichever comes first. Upon the transfer of title, the EAT that directly owned these properties will no longer be considered a VIE.

(8)

The Company reflected a valuation adjustment on its fixed rate debt for Parc500 to adjust it to fair market value on the date of acquisition for the difference between the fair value and the assumed principal amount of debt. The difference is amortized into interest expense over the remaining term of the mortgage.

The weighted average interest rate of the Company’s mortgage indebtedness was 4.04% as of March 31, 2019 and 4.07% as of December 31, 2018. The decrease between the periods is primarily related to a decrease in one-month LIBOR of approximately 1 basis points to 2.4945% as of March 31, 2019 from 2.5027% as of December 31, 2018. As of March 31, 2019, the adjusted weighted average interest rate of the Company’s mortgage indebtedness was 3.22%. For purposes of calculating the adjusted weighted average interest rate of the outstanding mortgage indebtedness, the Company has included the weighted average fixed rate of 1.3388% for one-month LIBOR on its combined $650.0 million notional amount of interest rate swap agreements, which effectively fix the interest rate on $650.0 million of the Company’s floating rate mortgage indebtedness (see Note 7).

Each of the Company’s mortgages is a non-recourse obligation subject to customary provisions. The loan agreements contain customary events of default, including defaults in the payment of principal or interest, defaults in compliance with the covenants contained in the documents evidencing the loan, defaults in payments under any other security instrument covering any part of the property, whether junior or senior to the loan, and bankruptcy or other insolvency events. As of March 31, 2019, the Company believes it is in compliance with all provisions.

Freddie Mac Multifamily Green Advantage. In order to obtain more favorable pricing on the Company’s mortgage debt financing with Freddie Mac, the Company has decided to participate in Freddie Mac’s new Multifamily Green Advantage program (the “Green Program”). In the second quarter of 2017, the Company escrowed approximately $4.2 million to finance smarter, greener property improvements at 18 of its properties. In connection with the three acquisitions and seven refinancings the Company completed in 2018, the Company escrowed approximately $1.2 million related to the Green Program. In connection with the three purchases in 2019, the Company escrowed approximately $0.5 million related to the Green Program.

The following table contains summary information concerning the Company’s credit facility as of March 31, 2019 (dollars in thousands):

$75 Million Credit Facility. On January 28, 2019, the Company, through the OP, entered into a $75.0 million credit facility (the “$75 Million Credit Facility”) with SunTrust Bank, as administrative agent and the lenders party thereto, and immediately drew $52.5 million to fund a portion of the purchase price of Bella Vista, The Enclave, and The Heritage. The $75 Million Credit Facility is a full-term, interest-only facility with an initial 24-month term, has one 12-month extension option, bears interest at a rate of one-month LIBOR plus a range from 2.00% to 2.50%, depending on the Company’s leverage level as determined under the credit facility agreement, and is guaranteed by the Company.

The Company defers costs incurred in obtaining financing and amortizes the costs over the terms of the related loans using the straight-line method, which approximates the effective interest method. Deferred financing costs, net of amortization, are recorded as a reduction from the related debt on the Company’s consolidated balance sheets. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement (i.e. a 10% or greater difference in the cash flows between instruments), any unamortized costs and fair market value adjustments related to the original debt are charged to loss on extinguishment of debt and modification costs. For the three months ended March 31, 2019 and 2018, the Company wrote-off deferred financing costs of approximately $0.0 million and $0.4 million, respectively, which is included in loss on extinguishment of debt and modification costs on the consolidated statements of operations and comprehensive income. For the three months ended March 31, 2019 and 2018, amortization of deferred financing costs of approximately $0.4 million and $0.4 million, respectively, is included in interest expense on the consolidated statements of operations and comprehensive income.

Loss on extinguishment of debt and modification costs includes prepayment penalties and defeasance costs incurred on the early repayment of debt, costs incurred in a debt modification that are not capitalized as deferred financing costs and other costs incurred in a debt extinguishment.

The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to March 31, 2019 are as follows (in thousands):